2020 – Why you want to be in Seattle

I was able to listen to our chief economist for Windermere yesterday for his annual economic forecasts heading into 2020. The slides below illustrate his forecast for the Seattle area moving into 2020. #realestateislocal 

Matthew Gardner, while being one of the brightest minds in our company, knows how to deliver a message.

We all know that most economist are calling for a national recession in the not too distant future. But most are now pushing back for this to begin in mid 2021, be short lived and not focused on the housing market like the great recession.

Matthew feels the next recession will be due to the ongoing trade wars with China and the EU as well as our escalating national debt. With interest rates already at historic lows, the Fed will NOT be able to help end the recession by lowering rates.

But the Seattle area will be somewhat insulated to these national issues in the coming years, here’s why…

  • We’re no longer a one trick pony. Like when this sign from 1973 went up during a Boeing slump. Seattle’s industries have diversified. There are now 34 Fortune 500 companies in the Seattle Area compared to 7 just a few years ago! Boeing is still king with over 80,000 employees in the area but their ups and downs don’t threaten the Seattle economy like they did not too long ago.
  • The tech industry is the largest employer in the Seattle Metro area and have driven our unemployment #’s down to 3%.
  • The other employers to round out the top 5 for the Seattle area are JBLM, Joint Base Lewis McCord (56,000), Microsoft (42,000), Amazon (25,000) and UW, University of WA (25,000). A healthy mix of different industries that are projected to grow their employment by 2.2% next year, again leading the nation.
  • All of these growing companies in the Seattle area are why our economy will continue to expand through 2020.
  • There is still no signs of a Housing Bubble.
    • $18.7 trillion dollars of home equity in the US! We’re not upside down on our mortgages like during the great recession.
    • FICO credit scores are over 750 and the average amount of a down payment was 17%. 
    • So we’re qualified and invested when we purchase our homes.
Posted on December 19, 2019 at 11:06 am
Robert Johnson | Category: Finance, Market Info, Neighborhood | Tagged , , , , , , , , , , , , ,

Prediction 2020 – Hot, Early Spring Market in North Seattle!

Our Windermere Wedgwood office does our market stats monthly and reviews them together at our Monday Morning Mtg, MMM.

Yesterday, the consensus was that based on current market conditions, we’re going to have an active early Spring market here in North Seattle!

We’re seeing more activity (# of homes sold graph) this winter despite lower inventory (months of inventory graph).

This is causing prices to increase this winter and exceed prices from LY (Average Sales Price graph).

So if you’re going to be in the Spring 2020 housing market, start your prep as soon as the tree comes down.

seattlemarket seattlerealestate robertbjohnson wearewindermere seattleneighborhoods predictions2020 workwithafriend realestateislocal marketstats springmarket windermerewedgwood

Posted on December 10, 2019 at 11:35 am
Robert Johnson | Category: Market Info, Neighborhood

WW | Home Run 5k Walk & Run

Hello all of my generous and active friends, family and clients!

I hope you can join me, Lari, Morgan and Paige for our HOME RUN 5K on Nov 9th!

We welcome kids, runners & walkers – a FUN RUN for all.

Hats will be given to participants and give-aways for young runners too. 

Hosted by Windermere Wedgwood, with all proceeds benefiting the Windermere Foundation. Our mission is to assist low income and homeless families and over $40million has been awarded since 1989. Currently thousands of dollars are awarded monthly to schools, food banks, enrichment programs for kids, and numerous other organizations in the greater Seattle area.
*This is a non-timed event

Click here to register for the Home Run 

If you can’t participate on the day of the race but would still like to donate please click here Windermere Foundation and designate your donation to the Wedgwood office.

Thank You!

Posted on October 17, 2019 at 10:56 am
Robert Johnson | Category: Familiy, Giving, Motivational, Neighborhood | Tagged , , , , , ,

This Saturday the 14th – Summer Splash!

We’ll be at Greenlake again with so many great family games and activities by the lake.

Crew races featuring your favorite Windermere agents and water activities for all.

Saturday the 14th from 9am to 3pm at the  Southwest corner of Green Lake at
5900 W Green Lake Way
 N 

Posted on September 10, 2019 at 9:24 am
Robert Johnson | Category: Familiy, Neighborhood | Tagged , , , ,

Proud to support our #tacklehomelessness for Mary’s Place!

Posted on September 10, 2019 at 8:36 am
Robert Johnson | Category: Family, Motivational, Neighborhood | Tagged , , , , , ,

My newest listing – Condo in the UDistrict

Posted on August 24, 2019 at 3:03 pm
Robert Johnson | Category: Home Ideas, Market Info, Neighborhood, Open Houses

Hot off the press, Gardner Report on W.WA housing

Hot off the press, the Gardner Report on the Western WA housing market. Matthew is always insightful and brings his expert opinion on our local economy, jobs & policies and how they will impact housing. A good read for anyone planning a move in W.WA!

robertbjohnson #workwithafriend #seattleneighborhoods knowyourstats

 

Posted July 25 2019, 11:00 AM PDT by Matthew Gardner, Chief Economist, Windermere Real Estate

Western Washington Real Estate Market Update

Posted in Western Washington Real Estate Market Update by Matthew Gardner, Chief Economist, Windermere Real Estate 

The following analysis of the Western Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

 

ECONOMIC OVERVIEW

Washington State employment jumped back up to an annual growth rate of 2.4% following a disappointing slowdown earlier in the spring. As stated in the first quarter Gardner Report, the dismal numbers earlier this year were a function of the state re-benchmarking its data (which they do annually).

The state unemployment rate was 4.7%, marginally up from 4.5% a year ago. My current economic forecast suggests that statewide job growth in 2019 will rise by 2.6%, with a total of 87,500 new jobs created.

 

HOME SALES

  • There were 22,281 home sales during the second quarter of 2019, representing a drop of 4.8% from the same period in 2018. On a more positive note, sales jumped 67.6% compared to the first quarterof this year.
  • Since the middle of last year, there has been a rapid rise in the number of homes for sale, which is likely the reason sales have slowed. More choice means buyers can be more selective and take their time when choosing a home to buy.
  • Compared to the second quarter of 2018, there were fewer sales in all counties except Whatcom and Lewis. The greatest declines were in Clallam, San Juan, and Jefferson counties.
  • Listings rose 19% compared to the second quarter of 2018, but there are still a number of very tight markets where inventory levels are lower than a year ago. Generally, these are the smaller — and more affordable — markets, which suggests that affordability remains an issue.

 

 

HOME PRICES

  • Year-over-year price growth in Western Washington continues to taper. The average home price during second quarter was $540,781, which is 2.8% higher than a year ago. When compared to first quarter of this year, prices were up 12%.
  • Home prices were higher in every county except King, which is unsurprising given the cost of homes in that area. Even though King County is home to the majority of jobs in the region, housing is out of reach for many and I anticipate that this will continue to act as a drag on price growth.
  • When compared to the same period a year ago, price growth was strongest in Lewis County, where home prices were up 15.9%. Double-digit price increases were also seen in Mason, Cowlitz, Grays Harbor, and Skagit counties.
  • The region’s economy remains robust, which should be a positive influence on price growth. That said, affordability issues are pervasive and will act as a headwind through the balance of the year, especially in those markets that are close to job centers. This will likely force some buyers to look further afield when searching for a new home.

 

 

 

 

 

DAYS ON MARKET

  • The average number of days it took to sell a home matched the second quarter of 2018.
  • Snohomish County was the tightest market in Western Washington, with homes taking an average of only 21 days to sell. There were five counties where the length of time it took to sell a home dropped compared to the same period a year ago. Market time rose in eight counties and two were unchanged.
  • Across the entire region, it took an average of 41 days to sell a home in the second quarter of 2019. This was the same as a year ago but is down 20 days compared to the first quarter of 2019.
  • As stated above, days-on-market dropped as we moved through the spring, but all markets are not equal. I suggest that this is not too much of an issue and that well-priced homes will continue to attract attention and sell fairly rapidly.

 

 

CONCLUSIONS

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors. I am leaving the needle in the same position as the first quarter as demand appears to still be strong.

The market has benefitted from a fairly significant drop in mortgage rates. With average 30-year fixed rates still below 4%, I expect buyers who have been sitting on the fence will become more active, especially given that they have more homes to choose from.

 

 

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

Posted on July 29, 2019 at 1:29 pm
Robert Johnson | Category: Finance, Market Info, Neighborhood

When the home you love goes to someone else to love

Congratulations to a wonderful family that can now move back home to be with family!
It always feels great when a beloved home can be passed on to another family to love as well.

Posted on April 23, 2019 at 2:55 pm
Robert Johnson | Category: Familiy, Home Ideas, Market Info, Neighborhood | Tagged , , , ,

Debuts & Discoveries – What’s new in Seattle beverages

Debuts & Discoveries – Beverage Tasting – Saturday, March 16th from 5-8pm

D&D is a great gathering of new talent from the Seattle beverage world with offerings from wineries, breweries, cideries and distilleries. Food trucks on site as well.

See link for all details & to get tickets.

Enjoy some tasty food and beverages and support Outdoors for All.

Helping children with disabilities get out!

I’ll see you there. https://lnkd.in/dx7hU58

Posted on March 11, 2019 at 11:45 am
Robert Johnson | Category: Giving, Motivational, Neighborhood, Pop Culture | Tagged , , , , , , ,

Where’s Robert…Neighborhood Series – Capitol Hill story

Come hear more of the story at my Open House this Sunday 1-4p.
321 Coryell Ct. E.

Posted on November 9, 2018 at 1:37 pm
Robert Johnson | Category: Market Info, Neighborhood, Open Houses | Tagged , , , , , , , , , ,